This one is just in time for Valentine's Day ...
I came across "ювелирные изделия" in my Russian textbook ТРОЙКА. I was curious about the etymology of it, so I looked it up in Wiktionary where I discovered that
изделие ∼ (manufactured) article, product, (plural) goods, wares
ювелирный ∼ jewelry
This made me wonder why "изделие" was needed at all. Curious, I decided to see what would happen if I looked up "jewelry" on Reverso. Interestingly enough, it gave me this (among several others, but these were the first listed):
with 584 translations for "украшение," 485 for "драгоценность," and 62 for "ювелирные изделия." Now I was even more curious because I wondered why a textbook like ТРОЙКА didn't use a more common word for "jewelry" (assuming Reverso translations were reflective of frequency). So, naturally, I then had to look these three words up with Google's Ngram:
As you can see, the frequencies are reflective of what I found on Reverso.
I also looked up "jewelry" on Wikipedia and noticed that the Russian page for it uses "ювелирное изделие" (singular of "ювелирные изделия").
I didn't stop there, though. I also went to Google Trends and the results were reflective of both Reverso and Google's Ngram:
but, interestingly enough, there seems to be more frequency of "ювелирные изделия" in Kostroma Oblast than in other locations. And, until I came across this page, I did not know that Kostroma Oblast was considered the Russian capital of jewelry.
I also did a Google image search of these three terms, but, for the most part, images that were returned were fairly similar although "драгоценность" looked as if it returned more stand alone gems than the other two, which makes sense since this word is derived from "драгоценный" which means "precious" (as in "precious gem," I presume).
Wiktionary also lists
decoration, ornament, ornamentation
for "украшение," so I guess I've kind of answered my own question ... finally, but still it would be nice to get input on this from a Russian native or two. Even so, I sometimes get an answer something along the lines of "they are all completely interchangeable," which I often find isn't all that true. So, to help veer answers away from that, if these are interchangeable, can I use any of them in the following collocations:
piece of jewelry
to wear jewelry